Re: Euro Problem

I am trying to get a handle on the last sentence. It seems to be
casting a rather negative light on Euro remediation. However (using
remediated dates) 1999 ( Euro phase 1) comes before 2000. Yes, I know
Y2K issues have impacted some systems for some time now but for european
and multi-national companies tomorrow is here for the Euro.
Kevin Palmquist
"Opinions expressed above are not necessarily those of my wife."
>Date: Thu, 07 Jan 1999 16:28:36 -0500
>To: MIDRANGE-L@midrange.com
>From: Glenn Ericson <Glenn-Ericson@att.net>
>Subject: Re: Euro Problem
>Reply-To: MIDRANGE-L@midrange.com
>
>Interesting=20
>I was just reading the manual for a USA produced Y2K tool=20
>and it contained a EURO Option.
>
>Are we going in to another fire storm of remediation for EURO before
Y2K
>is finalized?
>
>
>Glenn
>___________________________________________________
>Glenn Ericson, Phoenix Consulting LLC =09
>P O Box 701164 East Elmhurst NY 11370-3164 USA
>
=
> =20
>Phone 718 898 9805 Fax 718 446 1150
>AS/400 & Year 2000- - Solutions Specialists
> =A9 copyright 1998, 1999 all rights reserved
>____________________________________________________
>
>
>
>At 03:18 PM 1/7/99 -0500, you wrote:
>>The following is a part of an article I got from one of my friends.
>>
>>-Vg
>>
>>The introduction of the euro will have a profound impact on IT systems
>>of European businesses and those dealing with them. It would
necessitate
>>major modifications in accounting/reporting and treasury operations.
>>Billing and pricing mechanisms of business will have to change. Key
>>information systems which are affected by the introduction of the euro
>>include accounts, financial planning and budgeting software,
enterprise
>>resource planning (ERP) systems, conversion of historic data, systems
>>not supporting sufficient number of decimal places for their national
>>currencies will have to be modified for the euro, displaying of two
>>currencies, ascertainment of exchange profit/loss, handling of
threshold
>>limits specified for selective requirements of data/reports,
>>re-designing of input/output screens and reports in a multi-currency
>>environment, preparation of trial balance/financial statements in
>>multiple currencies and issues related to maintenance of parallel
>>databases/parallel reporting/reconciliations.
>>
>> One of the major beneficiaries will be the software industry,
>>It will have tremendous business to do in the form of impact analysis,
>> conversion, testing and
>>related business re- engineering services. The Gartner group estimates
a
>>whopping US $ 200-bln Euro conversion market. Most of the European
>>enterprises have IT budgets worth millions of dollars for euro
>>conversion. Considering the size and volume of the business, the
>>software players have a great opportunity on their hands. The market
>>will also expand as and when new countries participate in the single
>>currency. Approximately 54 nations are members of the European Council
>>and considering the expansion of the European Union, we can safely
>>estimate that the market for euro is bound to stay for long.
>>
>>However, the road ahead will not be smooth.
>>Very few software companies, have an
>>understanding of the euro and its political, economic, legal and
>>technological aspects. It will be a great challenge for the
>>companies to tackle issues like European languages, tradition and
>>culture. Procuring visas is a highly tedious affair. The software
>>industry will face tough competition from the Russians, Israelis and
>>Irishmen who also boast of a strong and cheap technical workforce.
Their
>>major advantage is that they understand at least one of the European
>languages.
>>
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